Bank objects to Tamarack offer
BOISE (AP) - A Swiss bank-led lender group owed hundreds of millions by Tamarack Resort has raised objections to a proposal to sell the vacation development to an Idaho investment company.
In court documents filed Tuesday, Credit Suisse Group attorneys wrote they don't believe Green Valley Holdings' letter of intent to buy the resort for $40 million "is in the best interests of the debtor's estate and creditors."
The bank says the offer is the latest sign that Tamarack majority owner Jean-Pierre Boespflug's actions are "too little and too late."
Credit Suisse is trying to get U.S. Bankruptcy Judge Terry Myers to convert Tamarack's reorganization into Chapter 7 liquidation or send it back to state court foreclosure.
Credit Suisse represents a lender consortium trying to recoup some $300 million from Tamarack, money from a 2006 construction loan that soured.